Seneca launches new property investment arm

North West-based Seneca Partners has kick-started a new property investment business.

Seneca Property has appointed former Blackrock UK Property Fund boss and equity partner at Henley Investments Jeff Morton as managing director, according to Property Week.

The company has launched the new firm with by spending £20m on the acquisition of a six business centre company known as Biz Hub from investment firm M20, based in Manchester.

Included in its portfolio are 170,000sq ft of office space and a further 50,000sq ft of light industrial accommodation, let to more than 200 tenants at strategic locations in the north of England.

Further development opportunities were possible, said Seneca.

Meanwhile. Seneca has already invested in six Biz Hub centres including Liverpool.

Seneca Partners managing partner Richard Manley said: “We are delighted to announce the launch of our property investment business with this acquisition.

“This is a timely and logical move for Seneca and one which perfectly complements our existing range of investment platforms. We’re delighted to have somebody of Jeff Morton’s calibre on board to lead the business.

“Jeff and property investment director Chris Bullough – who have worked together previously – have exciting plans to develop and grow the business and we will be committing significant funds to achieve this.”

Morton hailed the “first-class team” at Seneca. He said: “I was impressed with the rapid growth of Seneca and its outstanding track record of significant achievements across the wider investment sectors.”

“Chris and I have met many Seneca investors to understand their investment needs and objectives and it was clear that there is strong appetite for a personal, highly focused and results-orientated approach to real estate investing, which Seneca now offers.”